ATLANTA – AT&T Inc. is buying BellSouth Corp. for $67 billion in stock in a bid that further consolidates the telecommunications industry and would give AT&T total control of their growing joint venture, Cingular Wireless LLC.
The proposed purchase, announced Sunday, also goes a long way toward resurrecting the old Ma Bell telephone system, which was broken apart in 1984.
The merged company would have 70 million local-line phone customers, 54.1 million wireless subscribers and nearly 10 million broadband subscribers in the 22 states where they now operate. The deal appears to be the largest yet among U.S. telecom players.
The sale is subject to regulatory and shareholder approvals.
D.C.: Line-item veto is proposed
President Bush plans to send proposed legislation to Congress today that would allow him to control spending by vetoing specific items in larger bills, a Bush administration official said. The president, who has not vetoed any legislation during five years in office, asked Congress in his State of the Union address to give him line-item veto power.
California: Concertgoers, cops clash
Five people were injured and 15 were arrested Saturday night after police responded to a stabbing at a San Bernardino punk-rock concert and ultimately clashed with concertgoers, San Bernardino authorities said. Two police cars were destroyed, Blackwell said, and nearby businesses also suffered “significant damage.” The concert featured several popular bands, including The Adicts, Vice Squad and GBH.
Fireworks explosion jolts house
A man was arrested Sunday after illegal fireworks at his home ignited, touching off an explosion that could be felt nearly two miles away, authorities said. Brian Miller, 36, was taken into custody by Los Angeles County sheriff’s deputies shortly after the 6:50 a.m. explosion that knocked his Lakewood house off its foundation, officials said. Officials said the blast not only shattered windows in nearby homes but sent items from Miller’s residence and garage flying like projectiles. “He claimed he went outside for his morning smoke and all of a sudden his collection of fireworks exploded,” the county fire inspector said.